Pool (POOL) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-26640
Entity Registrant Name	POOL CORPORATION
Entity Central Index Key	0000945841
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3943363
Entity Address, Address Line One	109 Northpark Boulevard,
Entity Address, City or Town	Covington,
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70433-5001
City Area Code	(985)
Local Phone Number	892-5521
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	POOL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,100,826

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,787,833	$ 1,280,846	$ 2,848,579	$ 1,958,134
Cost of sales	1,236,148	907,365	1,995,762	1,395,024
Gross profit	551,685	373,481	852,817	563,110
Selling and administrative expenses	213,099	167,624	385,200	314,721
Impairment of goodwill and other assets	0	0	0	6,944
Operating income	338,586	205,857	467,617	241,445
Interest and other non-operating expenses, net	1,963	2,643	4,545	7,432
Income before income taxes and equity earnings	336,623	203,214	463,072	234,013
Provision for income taxes	76,985	45,733	104,854	45,708
Equity earnings in unconsolidated investments, net	57	74	132	162
Net income	$ 259,695	$ 157,555	$ 358,350	$ 188,467
Earnings per share:
Basic (in dollars per share)	$ 6.47	$ 3.94	$ 8.92	$ 4.71
Diluted (in dollars per share)	$ 6.37	$ 3.87	$ 8.78	$ 4.62
Weighted average shares outstanding: [Abstract]
Basic (in shares)	40,125	39,973	40,169	40,049
Diluted (in shares)	40,745	40,715	40,800	40,837
Cash dividends declared per common share	$ 0.80	$ 0.58	$ 1.38	$ 1.13

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income	$ 259,695	$ 157,555	$ 358,350	$ 188,467
Other comprehensive (loss) income:
Foreign currency translation	1,302	2,134	34	(3,296)
Change in unrealized gains (losses) on interest rate swaps, net of change in taxes of $719, $855, $(2,327), and $3,692	(2,157)	(2,567)	6,980	(11,077)
Total other comprehensive income (loss)	(855)	(433)	7,014	(14,373)
Comprehensive income	$ 258,840	$ 157,122	$ 365,364	$ 174,094

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Change in unrealized gains (losses) on interest rate swaps, tax amount	$ 719	$ (3,046)	$ 855	$ 2,837	$ (2,327)	$ 3,692

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 58,465	$ 34,128	$ 44,185
Receivables, net	210,318	122,252	144,842
Receivables pledged under receivables facility	375,248	166,948	308,563
Product inventories, net	894,654	780,989	628,418
Prepaid expenses and other current assets	18,716	17,610	11,139
Total current assets	1,557,401	1,121,927	1,137,147
Property and equipment, net	111,661	108,241	111,258
Goodwill Balances	283,284	268,167	193,784
Other intangible assets, net	12,350	12,181	9,615
Equity interest investments	1,293	1,292	1,274
Operating lease assets	221,068	205,875	183,126
Other assets	26,978	21,987	18,593
Total assets	2,214,035	1,739,670	1,654,797
Current liabilities:
Accounts payable	439,453	266,753	346,272
Accrued expenses and other current liabilities	184,437	143,694	139,661
Short-term borrowings and current portion of long-term debt	10,058	11,869	9,558
Current operating lease liabilities	63,786	60,933	56,625
Total current liabilities	697,734	483,249	552,116
Deferred income taxes	30,440	27,653	29,399
Long-term debt, net	413,058	404,149	429,246
Other long-term liabilities	38,079	38,261	29,008
Non-current operating lease liabilities	159,976	146,888	128,237
Total liabilities	1,339,287	1,100,200	1,168,006
Stockholders' equity:
Common stock	40	40	40
Additional paid-in capital	535,046	519,579	503,271
Retained earnings	346,667	133,870	8,212
Accumulated other comprehensive loss	(7,005)	(14,019)	(24,732)
Total stockholders’ equity	874,748	639,470	486,791
Total liabilities and stockholders' equity	$ 2,214,035	$ 1,739,670	$ 1,654,797

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, Shares, Outstanding	40,131,570	40,232,210	40,041,683

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net Income	$ 358,350	$ 188,467
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation	13,884	13,993
Amortization	723	655
Share-based compensation	7,549	7,221
Equity earnings in unconsolidated investments, net	(132)	(162)
Impairment of goodwill and other assets	0	6,944
Other	4,812	3,171
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables	(295,342)	(229,506)
Product inventories	(114,792)	75,199
Prepaid expenses and other assets	(16,865)	(677)
Accounts payable	170,368	84,190
Accrued expenses and other current liabilities	58,673	71,705
Net Cash Provided by operating activities	187,228	221,200
Investing activities
Acquisition of businesses, net of cash acquired	(15,162)	(13,711)
Purchases of property and equipment, net of sale proceeds	(17,333)	(13,031)
Net cash used in investing activities	(32,495)	(26,742)
Financing activities
Proceeds from revolving line of credit	549,008	318,155
Payments on revolving line of credit	(505,636)	(504,140)
Proceeds from asset-backed financing	260,000	191,700
Payments on asset-backed financing	(290,000)	(71,700)
Payments on term facility	(4,625)	(4,625)
Proceeds from short-term borrowings and current portion of long-term debt	4,466	10,731
Payments on short-term borrowings and current portion of long-term debt	(6,277)	(12,918)
Payments of deferred and contingent acquisition consideration	(362)	(281)
Payments of deferred financing costs	0	(12)
Proceeds from stock issued under share-based compensation plans	7,918	10,811
Payments of cash dividends	(55,418)	(45,312)
Purchases of treasury stock	(90,135)	(70,203)
Net cash used in financing activities	(131,061)	(177,794)
Effect of exchange rate changes on cash and cash equivalents	665	(1,062)
Change in cash and cash equivalents	24,337	15,602
Cash and cash equivalents at beginning of period	34,128	28,583
Cash and cash equivalents at end of period	$ 58,465	$ 44,185

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2019		40,074,000
Balance at Dec. 31, 2019	$ 410,180	$ 40	$ 485,239	$ (64,740)	$ (10,359)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	30,912	0	0	30,912	0
Foreign currency translation	(5,430)	0	0	0	(5,430)
Interest rate swaps, net of the change in taxes	(8,510)	$ 0	0	0	(8,510)
Repurchases of common stock, net of retirements (shares)		(362,000)
Repurchases of common stock, net of retirements	(66,619)	$ 0	0	(66,619)	0
Share-based compensation	3,654	$ 0	3,654	0	0
Issuance of shares under share-based compensation plans (shares)		219,000
Issuance of stock under share-based compensation plans	6,358	$ 0	6,358	0	0
Declaration of cash dividends	(22,147)	$ 0	0	(22,147)	0
Balance (in shares) at Mar. 31, 2020		39,931,000
Balance at Mar. 31, 2020	348,398	$ 40	495,251	(122,594)	(24,299)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized gains (losses) on interest rate swaps, tax amount	2,837
Balance (in shares) at Dec. 31, 2019		40,074,000
Balance at Dec. 31, 2019	410,180	$ 40	485,239	(64,740)	(10,359)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	188,467
Foreign currency translation	(3,296)
Interest rate swaps, net of the change in taxes	$ (11,077)
Balance (in shares) at Jun. 30, 2020	40,041,683	40,042,000
Balance at Jun. 30, 2020	$ 486,791	$ 40	503,271	8,212	(24,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized gains (losses) on interest rate swaps, tax amount	3,692
Balance (in shares) at Mar. 31, 2020		39,931,000
Balance at Mar. 31, 2020	348,398	$ 40	495,251	(122,594)	(24,299)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	157,555	0	0	157,555	0
Foreign currency translation	2,134	0	0	0	2,134
Interest rate swaps, net of the change in taxes	(2,567)	$ 0	0	0	(2,567)
Repurchases of common stock, net of retirements (shares)		(19,000)
Repurchases of common stock, net of retirements	(3,584)	$ 0	0	(3,584)	0
Share-based compensation	3,567	$ 0	3,567	0	0
Issuance of shares under share-based compensation plans (shares)		130,000
Issuance of stock under share-based compensation plans	4,453	$ 0	4,453	0	0
Declaration of cash dividends	$ (23,165)	$ 0	0	(23,165)	0
Balance (in shares) at Jun. 30, 2020	40,041,683	40,042,000
Balance at Jun. 30, 2020	$ 486,791	$ 40	503,271	8,212	(24,732)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized gains (losses) on interest rate swaps, tax amount	$ 855
Balance (in shares) at Dec. 31, 2020	40,232,210	40,232,000
Balance at Dec. 31, 2020	$ 639,470	$ 40	519,579	133,870	(14,019)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	98,655	0	0	98,655	0
Foreign currency translation	(1,268)	0	0	0	(1,268)
Interest rate swaps, net of the change in taxes	9,137	$ 0	0	0	9,137
Repurchases of common stock, net of retirements (shares)		(215,000)
Repurchases of common stock, net of retirements	(71,516)	$ 0	0	(71,516)	0
Share-based compensation	3,837	$ 0	3,837	0	0
Issuance of shares under share-based compensation plans (shares)		69,000
Issuance of stock under share-based compensation plans	2,912	$ 0	2,912	0	0
Declaration of cash dividends	(23,299)	$ 0	0	(23,299)	0
Balance (in shares) at Mar. 31, 2021		40,086,000
Balance at Mar. 31, 2021	657,928	$ 40	526,328	137,710	(6,150)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized gains (losses) on interest rate swaps, tax amount	$ (3,046)
Balance (in shares) at Dec. 31, 2020	40,232,210	40,232,000
Balance at Dec. 31, 2020	$ 639,470	$ 40	519,579	133,870	(14,019)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	358,350
Foreign currency translation	34
Interest rate swaps, net of the change in taxes	$ 6,980
Balance (in shares) at Jun. 30, 2021	40,131,570	40,131,000
Balance at Jun. 30, 2021	$ 874,748	$ 40	535,046	346,667	(7,005)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized gains (losses) on interest rate swaps, tax amount	(2,327)
Balance (in shares) at Mar. 31, 2021		40,086,000
Balance at Mar. 31, 2021	657,928	$ 40	526,328	137,710	(6,150)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	259,695	0	0	259,695	0
Foreign currency translation	1,302	0	0	0	1,302
Interest rate swaps, net of the change in taxes	(2,157)	$ 0	0	0	(2,157)
Repurchases of common stock, net of retirements (shares)		(45,000)
Repurchases of common stock, net of retirements	(18,619)	$ 0	0	(18,619)	0
Share-based compensation	3,712	$ 0	3,712	0	0
Issuance of shares under share-based compensation plans (shares)		90,000
Issuance of stock under share-based compensation plans	5,006	$ 0	5,006	0	0
Declaration of cash dividends	$ (32,119)	$ 0	0	(32,119)	0
Balance (in shares) at Jun. 30, 2021	40,131,570	40,131,000
Balance at Jun. 30, 2021	$ 874,748	$ 40	$ 535,046	$ 346,667	$ (7,005)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in unrealized gains (losses) on interest rate swaps, tax amount	$ 719

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Change in unrealized gains (losses) on interest rate swaps, tax amount	$ 719	$ (3,046)	$ 855	$ 2,837	$ (2,327)	$ 3,692

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Pool Corporation (the Company , which may be referred to as we, us or our ) prepared the unaudited interim Consolidated Financial Statements following U.S. generally accepted accounting principles (GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim financial information. As permitted under those rules, we have condensed or omitted certain footnotes and other financial information required for complete financial statements. The interim Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. All significant intercompany accounts and intercompany transactions have been eliminated. A description of our significant accounting policies is included in our 2020 Annual Report on Form 10-K. You should read the interim Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and accompanying notes in our 2020 Annual Report on Form 10-K. The results for our three and six month periods ended June 30, 2021 are not necessarily indicative of the expected results for our fiscal year ending December 31, 2021. Newly Adopted Accounting Pronouncements On January 1, 2021, we adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes . This new standard simplified the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Most amendments were required to be applied on a prospective basis, while certain amendments were required to be applied on a retrospective or modified retrospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements or related disclosures, and we do not expect a material impact in future periods. Income Taxes We reduce federal and state income taxes payable by the tax benefits associated with the exercise of nonqualified stock options and the lapse of restrictions on restricted stock awards. To the extent realized tax deductions exceed the amount of previously recognized deferred tax benefits related to share-based compensation, we record an excess tax benefit. We record all excess tax benefits as a component of income tax benefit or expense on the Consolidated Statements of Income in the period in which stock options are exercised or restrictions on awards lapse. We recorded excess tax benefits of $7.7 million in the second quarter of 2021 compared to $6.2 million in the second quarter of 2020 and $11.7 million in the six months ended June 30, 2021 compared to $14.2 million in the six months ended June 30, 2020. Retained Earnings We account for the retirement of treasury shares as a reduction of Retained earnings. As of June 30, 2021, the Retained earnings on our Consolidated Balance Sheets reflects cumulative net income, the cumulative impact of adjustments for changes in accounting pronouncements, treasury share retirements since the inception of our share repurchase programs of $1.6 billion and cumulative dividends of $726.2 million. Accumulated Other Comprehensive Loss The table below presents the components of our Accumulated other comprehensive loss balance (in thousands): June 30, December 31, 2021 2020 2020 Foreign currency translation adjustments $ (4,882) $ (13,423) $ (4,917) Unrealized losses on interest rate swaps, net of tax (2,123) (11,309) (9,102) Accumulated other comprehensive loss $ (7,005) $ (24,732) $ (14,019) Recent Accounting Pronouncements Pending Adoption The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods: Standard Description Effective Date Effect on Financial Statements and Other Significant Matters ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope Provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . The amendments in this ASU refine the scope of ASC 848 and clarify some of its guidance as it relates to recent rate reform activities. The provisions of these updates are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. We are currently evaluating the effect these standards will have on our financial position, results of operations and related disclosures.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We calculate basic earnings per share (EPS) by dividing Net income by the weighted average number of common shares outstanding. Diluted EPS reflects the dilutive effects of potentially dilutive securities, which include in-the-money outstanding stock options and shares to be purchased under our employee stock purchase plan. Using the treasury stock method, the effect of dilutive securities includes these additional shares of common stock that would have been outstanding based on the assumption that these potentially dilutive securities had been issued. Stock options with exercise prices that are higher than the average market prices of our common stock for the periods presented are excluded from the diluted EPS calculation because the effect is anti-dilutive. The table below presents the computation of EPS, including the reconciliation of basic and diluted weighted average shares outstanding (in thousands, except EPS): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net income $ 259,695 $ 157,555 $ 358,350 $ 188,467 Weighted average shares outstanding: Basic 40,125 39,973 40,169 40,049 Effect of dilutive securities: Stock options and employee stock purchase plan 620 742 631 788 Diluted 40,745 40,715 40,800 40,837 Earnings per share: Basic $ 6.47 $ 3.94 $ 8.92 $ 4.71 Diluted $ 6.37 $ 3.87 $ 8.78 $ 4.62 Anti-dilutive stock options excluded from diluted earnings per share computations — — — —

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions In June 2021, we acquired the distribution assets of Vak Pak Builders Supply, Inc., a wholesale distributor of swimming pool equipment, chemicals and supplies, adding one location in Florida. In April 2021, we acquired Pool Source, LLC, a wholesale distributor of swimming pool equipment, chemicals and supplies, adding one location in Tennessee. In December 2020, we acquired the distribution assets of TWC Distributors, Inc., a wholesale distributor of irrigation and landscape maintenance products, adding nine locations in Florida and one in Georgia. In October 2020, we acquired Jet Line Products, Inc., a wholesale distributor of swimming pool equipment, chemicals and supplies, adding three locations in New Jersey, three locations in New York, two locations in Texas and one location in Florida. In September 2020, we acquired the distribution assets of Northeastern Swimming Pool Distributors, Inc., a wholesale distributor of swimming pool equipment, chemicals and supplies, adding two locations in Ontario, Canada. In February 2020, we acquired the distribution assets of Master Tile Network LLC, a wholesale distributor of swimming pool tile and hardscape products, adding two locations in Texas, one location in Nevada and one location in Oklahoma. We have completed our acquisition accounting for these acquisitions, subject to adjustments for standard holdback provisions per the terms of the purchase agreements, which are not material. These acquisitions did not have a material impact on our financial position or results of operations, either individually or in the aggregate.

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Swaps	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Interest Rate Swaps	Fair Value Measurements and Interest Rate Swaps Our assets and liabilities that are measured at fair value on a recurring basis include the unrealized gains or losses on our interest rate swap contracts and contingent consideration related to recent acquisitions. The three levels of the fair value hierarchy under the accounting guidance are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: • quoted prices for similar assets or liabilities in active markets; • quoted prices for identical or similar assets or liabilities in inactive markets; • inputs other than quoted prices that are observable for the asset or liability; or • inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Recurring Fair Value Measurements The table below presents the estimated fair values of our interest rate swap contracts, our forward-starting interest rate swap contracts and our contingent consideration liabilities (in thousands): Fair Value at June 30, 2021 2020 Level 2 Unrealized gains on interest rate swaps $ 4,641 $ — Unrealized losses on interest rate swaps 7,425 15,033 Level 3 Contingent consideration liabilities $ 1,008 $ 442 Interest Rate Swaps We utilize interest rate swap contracts and forward-starting interest rate swap contracts to reduce our exposure to fluctuations in variable interest rates for future interest payments on our variable rate borrowings. For determining the fair value of our interest rate swap contracts and forward-starting interest rate swap contracts, we use significant other observable market data or assumptions (Level 2 inputs) that we believe market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. Our fair value estimates reflect an income approach based on the terms of the interest rate swap contracts and inputs corroborated by observable market data including interest rate curves. We include unrealized gains in Prepaid expenses and other current assets and unrealized losses in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. We recognize any differences between the variable interest rate in effect and the fixed interest rates per our swap contracts as an adjustment to interest expense over the life of the swaps. To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, we record the changes in the estimated fair value of our interest rate swap contracts to Accumulated other comprehensive loss on the Consolidated Balance Sheets. We currently have three interest rate swap contracts in place, two of which became effective on November 20, 2020, and terminate on September 29, 2022, and a third that became effective on February 26, 2021, and terminates on February 28, 2025. These swap contracts were previously forward-starting and convert the variable interest rate to a fixed interest rate on our variable rate borrowings. Interest expense related to the notional amounts under these swap contracts is based on the fixed rates plus the applicable margin on our variable rate borrowings. Changes in the estimated fair value of these interest rate swap contracts are recorded to Accumulated other comprehensive loss on the Consolidated Balance Sheets. The following table provides additional details related to these swap contracts: Derivative Inception Date Effective Date Termination Date Notional Amount Fixed Interest Rate Interest rate swap 1 May 7, 2019 November 20, 2020 September 29, 2022 $75.0 2.0925% Interest rate swap 2 July 25, 2019 November 20, 2020 September 29, 2022 $75.0 1.5500% Interest rate swap 3 February 5, 2020 February 26, 2021 February 28, 2025 $150.0 1.3800% For the interest rate swap contracts in effect at June 30, 2021, a portion of the change in the estimated fair value between periods relates to future interest expense. Recognition of the change in fair value between periods attributable to accrued interest is reclassified from Accumulated other comprehensive loss on the Consolidated Balance Sheets to Interest and other non-operating expenses, net on the Consolidated Statements of Income. This amount was not material in the six-month period ended June 30, 2021. We have entered into forward-starting interest rate swap contracts to extend the hedged period for future interest payments on our variable rate borrowings. These swap contracts will convert the variable interest rate to a fixed interest rate on our variable rate borrowings. Changes in the estimated fair value of these forward-starting interest rate swap contracts are recorded to Accumulated other comprehensive loss on the Consolidated Balance Sheets. The following table provides details related to each of our forward-starting interest rate swap contracts: Derivative Inception Date Effective Date Termination Date Notional Fixed Forward-starting interest rate swap 1 March 9, 2020 September 29, 2022 February 26, 2027 $150.0 0.7400% Forward-starting interest rate swap 2 March 9, 2020 February 28, 2025 February 26, 2027 $150.0 0.8130% Failure of our swap counterparties would result in the loss of any potential benefit to us under our swap agreements. In this case, we would still be obligated to pay the variable interest payments underlying our debt agreements. Additionally, failure of our swap counterparties would not eliminate our obligation to continue to make payments under our existing swap agreements if we continue to be in a net pay position. Our interest rate swap contracts and forward-starting interest rate swap contracts are subject to master netting arrangements. According to our accounting policy, we do not offset the fair values of assets with the fair values of liabilities related to these contracts. Nonrecurring Fair Value Measurements In addition to our assets and liabilities that we measure at fair value on a recurring basis, our assets and liabilities are also subject to nonrecurring fair value measurements. Generally, our assets, including long-lived assets, goodwill and intangible assets, are recorded at fair value on a nonrecurring basis as a result of impairment charges. In the six months ended June 30, 2021, we did not record any significant nonrecurring fair value measurements for assets or liabilities in periods subsequent to their initial recognition. Other

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The table below presents the components of our debt (in thousands): June 30, 2021 2020 Variable rate debt Short-term borrowings $ — $ — Current portion of long-term debt: Australian credit facility 10,058 9,558 Short-term borrowings and current portion of long-term debt 10,058 9,558 Long-term portion: Revolving credit facility 152,396 14,688 Term facility 171,125 180,375 Receivables securitization facility 90,000 235,000 Less: financing costs, net 463 817 Long-term debt, net 413,058 429,246 Total debt $ 423,116 $ 438,804 Our accounts receivable securitization facility (the Receivables Facility) provides for the sale of certain of our receivables to a wholly owned subsidiary (the Securitization Subsidiary). The Securitization Subsidiary transfers variable undivided percentage interests in the receivables and related rights to certain third-party financial institutions in exchange for cash proceeds, limited to the applicable funding capacities. We account for the sale of the receivable interests as a secured borrowing on our Consolidated Balance Sheets. The receivables subject to the agreement collateralize the cash proceeds received from the third-party financial institutions. We classify the entire outstanding balance as Long-term debt, net on our Consolidated Balance Sheets as we intend and have the ability to refinance the obligations on a long-term basis. We present the receivables that collateralize the cash proceeds separately as Receivables pledged under receivables facility on our Consolidated Balance Sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Pool Corporation (the Company , which may be referred to as we, us or our ) prepared the unaudited interim Consolidated Financial Statements following U.S. generally accepted accounting principles (GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim financial information. As permitted under those rules, we have condensed or omitted certain footnotes and other financial information required for complete financial statements. The interim Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. All significant intercompany accounts and intercompany transactions have been eliminated.
Newly Adopted Accounting Pronouncements	On January 1, 2021, we adopted Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes . This new standard simplified the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. Most amendments were required to be applied on a prospective basis, while certain amendments were required to be applied on a retrospective or modified retrospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements or related disclosures, and we do not expect a material impact in future periods.
Income Taxes	We reduce federal and state income taxes payable by the tax benefits associated with the exercise of nonqualified stock options and the lapse of restrictions on restricted stock awards. To the extent realized tax deductions exceed the amount of previously recognized deferred tax benefits related to share-based compensation, we record an excess tax benefit. We record all excess tax benefits as a component of income tax benefit or expense on the Consolidated Statements of Income in the period in which stock options are exercised or restrictions on awards lapse.
Retained Earnings	We account for the retirement of treasury shares as a reduction of Retained earnings.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The table below presents the components of our Accumulated other comprehensive loss balance (in thousands): June 30, December 31, 2021 2020 2020 Foreign currency translation adjustments $ (4,882) $ (13,423) $ (4,917) Unrealized losses on interest rate swaps, net of tax (2,123) (11,309) (9,102) Accumulated other comprehensive loss $ (7,005) $ (24,732) $ (14,019)
Schedule of Recent Accounting Pronouncements	The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods: Standard Description Effective Date Effect on Financial Statements and Other Significant Matters ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope Provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . The amendments in this ASU refine the scope of ASC 848 and clarify some of its guidance as it relates to recent rate reform activities. The provisions of these updates are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. We are currently evaluating the effect these standards will have on our financial position, results of operations and related disclosures.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of earnings per share and reconciliation of basic and diluted weighted average common shares outstanding	The table below presents the computation of EPS, including the reconciliation of basic and diluted weighted average shares outstanding (in thousands, except EPS): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net income $ 259,695 $ 157,555 $ 358,350 $ 188,467 Weighted average shares outstanding: Basic 40,125 39,973 40,169 40,049 Effect of dilutive securities: Stock options and employee stock purchase plan 620 742 631 788 Diluted 40,745 40,715 40,800 40,837 Earnings per share: Basic $ 6.47 $ 3.94 $ 8.92 $ 4.71 Diluted $ 6.37 $ 3.87 $ 8.78 $ 4.62 Anti-dilutive stock options excluded from diluted earnings per share computations — — — —

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Estimated fair value of contracts	The table below presents the estimated fair values of our interest rate swap contracts, our forward-starting interest rate swap contracts and our contingent consideration liabilities (in thousands): Fair Value at June 30, 2021 2020 Level 2 Unrealized gains on interest rate swaps $ 4,641 $ — Unrealized losses on interest rate swaps 7,425 15,033 Level 3 Contingent consideration liabilities $ 1,008 $ 442
Schedule of Interest Rate Derivatives	The following table provides additional details related to these swap contracts: Derivative Inception Date Effective Date Termination Date Notional Amount Fixed Interest Rate Interest rate swap 1 May 7, 2019 November 20, 2020 September 29, 2022 $75.0 2.0925% Interest rate swap 2 July 25, 2019 November 20, 2020 September 29, 2022 $75.0 1.5500% Interest rate swap 3 February 5, 2020 February 26, 2021 February 28, 2025 $150.0 1.3800% The following table provides details related to each of our forward-starting interest rate swap contracts: Derivative Inception Date Effective Date Termination Date Notional Fixed Forward-starting interest rate swap 1 March 9, 2020 September 29, 2022 February 26, 2027 $150.0 0.7400% Forward-starting interest rate swap 2 March 9, 2020 February 28, 2025 February 26, 2027 $150.0 0.8130%

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The table below presents the components of our debt (in thousands): June 30, 2021 2020 Variable rate debt Short-term borrowings $ — $ — Current portion of long-term debt: Australian credit facility 10,058 9,558 Short-term borrowings and current portion of long-term debt 10,058 9,558 Long-term portion: Revolving credit facility 152,396 14,688 Term facility 171,125 180,375 Receivables securitization facility 90,000 235,000 Less: financing costs, net 463 817 Long-term debt, net 413,058 429,246 Total debt $ 423,116 $ 438,804

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Excess tax benefit	$ 7.7	$ 6.2	$ 11.7	$ 14.2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Retained Deficit (Details) $ in Millions	Jun. 30, 2021USD ($)
Retained Earnings (Accumulated Deficit) [Abstract]
Cumulative share repurchases	$ 1,600
Cumulative dividends	$ 726.2

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	$ (7,005)	$ (14,019)	$ (24,732)
AOCI Attributable to Parent
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	(7,005)	(14,019)	(24,732)
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	(4,882)	(4,917)	(13,423)
Unrealized (losses) gains on interest rate swaps, net of tax
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive loss	$ (2,123)	$ (9,102)	$ (11,309)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income	$ 259,695	$ 98,655	$ 157,555	$ 30,912	$ 358,350	$ 188,467
Weighted average shares outstanding: [Abstract]
Basic (in shares)	40,125		39,973		40,169	40,049
Effect of dilutive securities: [Abstract]
Stock options and employee stock purchase plan (in shares)	620		742		631	788
Diluted (in shares)	40,745		40,715		40,800	40,837
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)	$ 6.47		$ 3.94		$ 8.92	$ 4.71
Diluted (in dollars per share)	$ 6.37		$ 3.87		$ 8.78	$ 4.62
Anti-dilutive stock options excluded from diluted earnings per share computations (in shares)	0		0		0	0

Acquisitions (Details)

Acquisitions (Details) - numberOfReportingUnits	1 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Dec. 31, 2020	Oct. 31, 2020	Sep. 30, 2020	Feb. 29, 2020
ONTARIO | Northeastern Swimming Pool Distributors, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations					2
TEXAS | Master Tile Network LLC [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations						2
TEXAS | Jet Line Products, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations				2
NEVADA | Master Tile Network LLC [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations						1
OKLAHOMA | Master Tile Network LLC [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations						1
NEW JERSEY | Jet Line Products, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations				3
NEW YORK | Jet Line Products, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations				3
FLORIDA | Jet Line Products, Inc. [Member]
Business Acquisition [Line Items]
Business Combination, Number of Locations				1
FLORIDA | TWC Distributors, Inc.
Business Acquisition [Line Items]
Business Combination, Number of Locations			9
FLORIDA | Vak Pak Builders Supply, Inc.
Business Acquisition [Line Items]
Business Combination, Number of Locations	1
GEORGIA | TWC Distributors, Inc.
Business Acquisition [Line Items]
Business Combination, Number of Locations			1
TENNESSEE | Pool Source, LLC
Business Acquisition [Line Items]
Business Combination, Number of Locations		1

Fair Value Measurements and I_3

Fair Value Measurements and Interest Rate Swaps - Recurring Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains on interest rate swaps	$ 4,641	$ 0
Unrealized losses on interest rate swaps	7,425	15,033
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities	$ 1,008	$ 442

Fair Value Measurements and I_4

Fair Value Measurements and Interest Rate Swaps - Interest Rate Swaps (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Feb. 05, 2020	Jul. 25, 2019	May 07, 2019
Interest rate swap 1
Derivative [Line Items]
Effective Date	Nov. 20, 2020
Termination Date	Sep. 29, 2022
Notional Amount				$ 75,000
Fixed Interest Rate				2.0925%
Interest rate swap 2
Derivative [Line Items]
Effective Date	Nov. 20, 2020
Termination Date	Sep. 29, 2022
Notional Amount			$ 75,000
Fixed Interest Rate			1.55%
Interest rate swap 3
Derivative [Line Items]
Effective Date	Feb. 26, 2021
Termination Date	Feb. 28, 2025
Notional Amount		$ 150,000
Fixed Interest Rate		1.38%

Fair Value Measurements and I_5

Fair Value Measurements and Interest Rate Swaps - Forward-Starting Interest Rate Swaps (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Mar. 09, 2020
Forward-starting interest rate swap 1
Derivative [Line Items]
Effective Date	Sep. 29, 2022
Termination Date	Feb. 26, 2027
Derivative, Notional Amount		$ 150
Fixed Interest Rate		0.74%
Forward-starting interest rate swap 2
Derivative [Line Items]
Effective Date	Feb. 28, 2025
Termination Date	Feb. 26, 2027
Derivative, Notional Amount		$ 150
Fixed Interest Rate		0.813%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Short-term borrowings	$ 0	$ 0
Australian credit facility	10,058	9,558
Short-term borrowings and current portion of long-term debt	10,058	9,558
Long-term portion:
Less: financing costs, net	463	817
Long-term debt, net	413,058	429,246
Total debt	423,116	438,804
Revolving Credit Facility
Long-term portion:
Long-term debt, gross	152,396	14,688
Term Facility [Member]
Long-term portion:
Term facility	171,125	180,375
Receivables Securitization Facility
Long-term portion:
Long-term debt, gross	$ 90,000	$ 235,000